Question

When Becky buys flowers at the farmer's market, the flower business transfers ownership of the flowers to her which is called ___ utility?

1) Form
2) Place
3) Time
4) Possession

Answer 1

The transfer of ownership of the flowers from the business to Becky exemplifies possession utility, which is the value a consumer gains by owning a product.

Step-by-step explanation:

When Becky buys flowers at the farmer's market, the flower business transfers ownership of the flowers to her which is called possession utility. Possession utility refers to the value provided to a consumer by transferring the ownership or possession of a product or service.

This is different from other forms of utility such as form utility (the value added by changing the shape or form of goods), place utility (the value added by having a good or service at a convenient location), and time utility (the value related to providing products at the right time for consumers).

In the context of this transaction, Becky deriving satisfaction from the ability to own and use the flowers is a direct result of the possession utility provided by the flower business.